River & Rural Realty--Find Virginia Waterfront property on the Northern Neck
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Contact Information

River & Rural Realty LLC
P.O. Box 503
Warsaw, VA 22572

Office: (804) 333-3311

Kathryn Murray, broker
Warsaw, VA 22572
(O): (804) 333-3311
Cell: 804-450-4442
Fax: 877-295-0940
EMAIL OFFICE
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Land sales update--5 year perspective

As I promised yesterday with the update on residential sales, here are the land numbers for the four counties of the Northern Neck for the timeframe January 1 through July 31st. What you'll see below is a resounding lack of any type of trend. It says you just can't tell where this is going in terms of a market. We still have too much residential inventory for land to be seeing the sort of pick up in sales that we'd like.

All land sales Jan.1 through July 31 (4 counties)
  2011 2012 2013 2014 2015 Active
# sold 74 68 61 83 71 956
$ sold (millions) 7.6 5.3 6.5 10.5 6.8 136.2
Median sales price 36,500 40,000 75,000 90,000 52,000 74,950
Median days on market 202 130 287 168 265 420.5
 

Wouldn't you agree? No clear trend in this five year sequence. Higher numbers in 2011 than any other year except 2014.  Lower median sales price in 2015 than in the two preceeding years. Median days on market are up for those properties selling in 2015. Lots of inventory too!! 

All waterfront land sales Jan. 1 through July 31 (4 counties)

  2011 2012 2013 2014 2015 Active
# sold 22 24 31 35 27 427
$ sold (millions) 3.9 2.96 4.96 7.4 3.8 104.3
Median sales price 125,000 116,500 144,000 195,000 115,000 175,000
Median days on market 294.5 213 414 245 315 354
 

Waterfront land sales are fairly similar to the overall land sales in that there isn't really a trend. The two years with better sales than 2015 were 2013 and 2014. But look at the dollars....the 27 sales thus far in 2015 are not the equal in terms of dollars sold as the 22 sold in 2011. Median sales price this year is the lowest of the five years.....lots of median days on market for 2015. Clearly what we have here is no trend at all.

--Kathryn,  Kathryn Murray, Principal Broker, 804-450-4442 cell



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